What is the one thing you hate doing within your REI business?

Most Popular Reply

Bjorn AhlbladPro Member
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
2y

Can't really say, I don't focus on things I hate. Ask me what I love; easy-it is the money.

8Reply
See this reply in the discussion

31 Replies

Jump to latestLatest
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 17k+ votes
    2y

    Turnovers. 

    Podcast Guest on Show #243
    Skyline Properties
    View Page
    4Reply
  • James De Stefano
    Real Estate Agent · Houston, TX · Member since 2017 · 292 posts · 233 votes
    2y

    I'm early on along the journey, but so far it's been the "walking on eggshells" while screening / accepting / declining prospective tenants. 

    Maybe it's because it's beaten into our heads as RE agents, but I'm particularly careful when emailing, texting or calling applicants.   There's just 100 ways people can scream discrimination, when 90% of the time it's simply " You don't meet the income to rent"  

    There's crazier things for sure, but this has been consistent! ha

    7Reply
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    2y

    Can't really say, I don't focus on things I hate. Ask me what I love; easy-it is the money.

    8Reply
  • Michael CalveyPro Member
    OP
    Head of Sales at BiggerPockets · Denver, CO · Member since 2023 · 134 posts · 154 votes
    2y
    Quote from @James De Stefano:

    I'm early on along the journey, but so far it's been the "walking on eggshells" while screening / accepting / declining prospective tenants. 

    Maybe it's because it's beaten into our heads as RE agents, but I'm particularly careful when emailing, texting or calling applicants.   There's just 100 ways people can scream discrimination, when 90% of the time it's simply " You don't meet the income to rent"  

    There's crazier things for sure, but this has been consistent! ha


    Screening tenants can be tricky—like tiptoeing through a minefield because you need to be careful about laws and the risk of discrimination claims. It's great that you're already being careful. Here are some simpler tips to make your process smoother and less stressful:

    1. Make a Rule Book: Make sure you screen everyone the same way. Think of it like following a recipe—same steps, same ingredients, every time. This keeps things fair and covers your back if someone says you were unfair. Writing down what you do and why can also help you remember later.
    2. Be Clear When You Say No: If you have to turn someone down, tell them exactly why. Like if their income isn't enough, explain how you figure out if someone can afford the rent. This helps them see it’s nothing personal, just math.
    3. Keep Learning: Laws about renting to people can change. Staying sharp with courses or classes not only helps you stay out of trouble but also shows you’re serious about being fair.
    4. Ask the Experts: When you're not sure what to do, talking to a lawyer who knows about real estate can really help calm your nerves and make sure you're doing everything right.
    5. Use Smart Tools: Think about using a service that checks tenants for you. It's like having a helper that makes sure you’re thorough and following the law, which can make your job a lot easier.

    It's cool to see someone who really cares about doing things right. How do you usually handle screening tenants, and have you found any helpful tools or tricks?

    [email protected]
    BiggerPockets
    2Reply
  • Jeremy Jareckyj
    Real Estate Agent · Salt Lake City, UT · Member since 2020 · 490 posts · 205 votes
    2y

    bad tenants/turns

    0Reply
  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    2y

    Dealing with attorneys…

    Private Mortgage Financing Partners, LLC
    WebsiteView Page
    3Reply
  • Benjamin AakerPro Member
    Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
    2y
    Due diligence. One of the most important things to do, but if everyone was honest and kept good records, it would be easy.
    4Reply
  • Jill F.
    Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
    2y
    Having multiple qualified applicants is a good problem to have, but I hate telling people that I would love to rent to that I rented a listing to another applicant.
    3Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    2y

    Not much. It keeps me busy and sometimes chaotic but I have passion for it. I guess if I have to chose something itś having to encounter utterly dishonest bottom feeders. I also dont care for filing taxes and everything with it. My accountant got on my nears a few times in the past but now Iḿ on a quest for a new one. Trying to figure out which one is good, bad, incompetent or effective is nerve racking. The thought of jumping ship to someone who gets on my nerves more is annoying. 

    2Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    2y
    Quote from @Michael Calvey:
    Quote from @James De Stefano:

    I'm early on along the journey, but so far it's been the "walking on eggshells" while screening / accepting / declining prospective tenants. 

    Maybe it's because it's beaten into our heads as RE agents, but I'm particularly careful when emailing, texting or calling applicants.   There's just 100 ways people can scream discrimination, when 90% of the time it's simply " You don't meet the income to rent"  

    There's crazier things for sure, but this has been consistent! ha


    Screening tenants can be tricky—like tiptoeing through a minefield because you need to be careful about laws and the risk of discrimination claims. It's great that you're already being careful. Here are some simpler tips to make your process smoother and less stressful:

    1. Make a Rule Book: Make sure you screen everyone the same way. Think of it like following a recipe—same steps, same ingredients, every time. This keeps things fair and covers your back if someone says you were unfair. Writing down what you do and why can also help you remember later.
    2. Be Clear When You Say No: If you have to turn someone down, tell them exactly why. Like if their income isn't enough, explain how you figure out if someone can afford the rent. This helps them see it’s nothing personal, just math.
    3. Keep Learning: Laws about renting to people can change. Staying sharp with courses or classes not only helps you stay out of trouble but also shows you’re serious about being fair.
    4. Ask the Experts: When you're not sure what to do, talking to a lawyer who knows about real estate can really help calm your nerves and make sure you're doing everything right.
    5. Use Smart Tools: Think about using a service that checks tenants for you. It's like having a helper that makes sure you’re thorough and following the law, which can make your job a lot easier.

    It's cool to see someone who really cares about doing things right. How do you usually handle screening tenants, and have you found any helpful tools or tricks?

     I´ve never had this problem, nor do I know anyone who has ever been hit with discrimination claims. It seems like you cant be in jeopardy of that unless you are discriminating. I have a specific criteria for screening which has nothing to do with any race, creed, color, religion or anything else. Unless they are a nazi or something similar, what they are makes zero difference to me. If I have no bias naturally, naturally it cant come out in my selection. If someone believes that, I can show them the criteria and that will end it. The only way I could even think of this would be if I know I had personal feelings of bias to others. There is a member here that advises newbies to treat section 8 recipients like animals. Those are the types that have to worry about stuff like that. 

    Not sure if I have to rent to someone I know is an open racist. I actually inherited a racist who consistently wanted to stay in my unit. Real story. 

    3Reply
  • Justin BrickmanBusiness Member
    Realtor · San Antonio, TX · Member since 2021 · 503 posts · 274 votes
    2y

    Trusting others and handing off work. Need to do much better with this! 

    [email protected]210-827-6020
    Justin Brickman Realty4.9140 Reviews
    WebsiteView Page
    1Reply
  • Alecia LovelessPro Member
    Member since 2019 · 3k+ posts · 2k+ votes
    2y

    @Mike Calvey The only thing I truly don’t like so far is setting up appointments for a showing and then not having people show up.

    5Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Michael Calvey:

    I'm curious, within your own real estate investing biz, what is the one thing you hate doing but needs to be done to run your business?


     bookkeeping

    7e investments53 Reviews
    WebsiteView Page
    0Reply
  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    2y
    Quote from @Michael Calvey:

    I'm curious, within your own real estate investing biz, what is the one thing you hate doing but needs to be done to run your business?


     Honestly, I hate posting on social media. I'm just bad at it but I know it's important to drive more direct bookings.

    [email protected]
    0Reply
  • Matthew MorrowBusiness Member
    Investor · PA - NY - NJ · Member since 2019 · 975 posts · 354 votes
    2y
    Quote from @Michael Calvey:

    I'm curious, within your own real estate investing biz, what is the one thing you hate doing but needs to be done to run your business?


     Follow up and structure with prospective deals. One of the most important aspects but its always a time consuming aspect that most put off and miss out....

    [email protected]484-791-6200
    CORE Team | Realty ONE Group Supreme549 Reviews
    WebsiteView Page
    1Reply
  • Howard Koore
    Member since 2024 · 11 posts · 1 vote
    2y
    Quote from @Michael Calvey:
    Quote from @James De Stefano:

    I'm early on along the journey, but so far it's been the "walking on eggshells" while screening / accepting / declining prospective tenants. 

    Maybe it's because it's beaten into our heads as RE agents, but I'm particularly careful when emailing, texting or calling applicants.   There's just 100 ways people can scream discrimination, when 90% of the time it's simply " You don't meet the income to rent"  

    There's crazier things for sure, but this has been consistent! ha


    Screening tenants can be tricky—like tiptoeing through a minefield because you need to be careful about laws and the risk of discrimination claims. It's great that you're already being careful. Here are some simpler tips to make your process smoother and less stressful:

    1. Make a Rule Book: Make sure you screen everyone the same way. Think of it like following a recipe—same steps, same ingredients, every time. This keeps things fair and covers your back if someone says you were unfair. Writing down what you do and why can also help you remember later.
    2. Be Clear When You Say No: If you have to turn someone down, tell them exactly why. Like if their income isn't enough, explain how you figure out if someone can afford the rent. This helps them see it’s nothing personal, just math.
    3. Keep Learning: Laws about renting to people can change. Staying sharp with courses or classes not only helps you stay out of trouble but also shows you’re serious about being fair.
    4. Ask the Experts: When you're not sure what to do, talking to a lawyer who knows about real estate can really help calm your nerves and make sure you're doing everything right.
    5. Use Smart Tools: Think about using a service that checks tenants for you. It's like having a helper that makes sure you’re thorough and following the law, which can make your job a lot easier.

    It's cool to see someone who really cares about doing things right. How do you usually handle screening tenants, and have you found any helpful tools or tricks?


    0Reply
  • Howard Koore
    Member since 2024 · 11 posts · 1 vote
    2y

    Your answer is spot on. Every one should be asked the same questions. And memorialize everything via email. Keep good records so you can retrieve them if needed. Good luck.

    0Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y

    @Michael Calvey

    Evictions. I take absolutely no pleasure in the process. And the reality of my situation is that they are best handled by me and no one else.

    5Reply
  • Craig Janet
    Member since 2019 · 223 posts · 261 votes
    2y

    Scheduling a showing. Dealing with no shows even after confirming 30 minutes before the appointment.

    I love when someone ask me if I'm the owner, that already tells me that they have been turned away from large real estate companies and they're looking for a sucker.

    1Reply
  • Howard Koore
    Member since 2024 · 11 posts · 1 vote
    2y

    Perhaps different states have different requirements for the eviction process.

    0Reply
  • Simon W.Business Member
    Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 695 votes
    2y
    Quote from @Chris Seveney:
    Quote from @Michael Calvey:

    I'm curious, within your own real estate investing biz, what is the one thing you hate doing but needs to be done to run your business?


     bookkeeping


     lol i just find it funny. This is the one thing I love doing. Been doing it for almost 20 years now. 

    Accounting Properties LLC
    View Page
    CFO LLC
    View Page
    0Reply
  • Melanie P.Pro Member
    Rental Property Investor · Member since 2023 · 1k+ posts · 922 votes
    2y
    Quote from @James De Stefano:

    I'm early on along the journey, but so far it's been the "walking on eggshells" while screening / accepting / declining prospective tenants. 

    Maybe it's because it's beaten into our heads as RE agents, but I'm particularly careful when emailing, texting or calling applicants.   There's just 100 ways people can scream discrimination, when 90% of the time it's simply " You don't meet the income to rent"  

    There's crazier things for sure, but this has been consistent! ha


     This is a real liability, the government originates most of its cases through "testing" which is to say contacts with landlords where they pose as potential tenants. There is an easy solution. Our ads have all our leasing requirements. All they are getting from us is an appointment time. The requirements are in the ad, there are no exceptions to the requirements. We decline to comment on the wild stories of potential applicants who believe their story will overcome their history. The company line is simply: We cannot evaluate you as a tenant until you see the unit, complete the application form (which has a space to furnish explanations of anything you believe needs context) and pay the application fee. All requirements are in the ad. Should I keep you down for 2pm?

    That's it. The person at the open house has no authority to make policy changes and wouldn't pretend to do so. Every response, same template. The tests they do involve making contact as different people of different backgrounds to determine if they are treated differently from one another. Sticking to your approval criteria and treating everyone the same thwarts that from happening even unintentionally. 

    What I hate most are lawyers, city employees, condo/hoa boards and plumbers. The latter being a necessary evil. 

    3Reply
  • Melanie P.Pro Member
    Rental Property Investor · Member since 2023 · 1k+ posts · 922 votes
    2y
    Quote from @Alecia Loveless:

    @Mike Calvey The only thing I truly don’t like so far is setting up appointments for a showing and then not having people show up.


     If we do not have at least 10 for a single appointment day/time we reschedule the few who confirmed. Usually 4-6 show up and one or two apply. 

    0Reply
  • Becca F.
    Rental Property Investor · San Francisco Bay Area · Member since 2022 · 1k+ posts · 1k+ votes
    2y

    Due diligence and could have done better research before putting offers in. in second place would be turnover

    0Reply
  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    2y

    Taking calls from people wanting to buy our properties when you know they don't know a thing about them.  

    Due diligence to me is the fun part.  Where you make your money.  Pitting yourself against the situation.  “The Hunt”.  Could do this all day long. 

    2Reply
    • Howard Koore
      Member since 2024 · 11 posts · 1 vote
      1y
      Quote from @Henry Clark:

      Taking calls from people wanting to buy our properties when you know they don't know a thing about them.  

      Due diligence to me is the fun part.  Where you make your money.  Pitting yourself against the situation.  “The Hunt”.  Could do this all day long. 


       I love your attitude...................

      1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free